CIEL HR IPO:The country’s leading staffing and HR solutions firm CIEL is preparing to raise Rs 1000 crore through IPO from the HR equity market. Explain that CIEL HR is a branch of a larger group Ma Foi. Apart from this, the company can raise Rs 1000 crore from private equity investors and other investors a few weeks before the IPO.
K Pandiarajan of Ma Foi HR Services (K Pandiarajan) in a special conversation with Moneycontrol said that his company is focusing on almost doubling its income in 2023 and the company will enter the stock market with a valuation of at least Rs 2000 crore.
K Pandiarajan in his conversation with Moneycontrol said that we are going to enter the primary market in FY 2023 with a valuation of Rs 2000 crores. At present, we have targeted to raise Rs 1000 crore through IPO but our target will depend on the market conditions and can be changed as per the requirement.
It is worth noting that the staffing firm and HR solutions business is growing very fast in India. There are 2 more companies in India that are listed in the stock market, their names are Teamlease Services and Quess Corp.
Pandiarajan further told in this conversation that the company is preparing to raise Rs 100 crore from private investors before the IPO. Out of this, 20 per cent will be raised through compulsory convertible debentures (CCDs) while 80 per cent will be raised from private equity investors. Ma Foi will soon release the details of this fund raising scheme.
Let us inform that Pandiarajan has been a cabinet minister in the Government of Tamil Nadu. He said that his company has appointed ICICI Bank as investment advisor for this fund raising scheme.
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Pandiarajan has over 30 years of experience in Staffing and HR Solutions. He told Moneycontrol that Ma Foi and all its constituent companies are in expansion mode and are looking for good opportunities to acquire staffing and HR solutions companies. He also said in this conversation that we have already prepared the termsheet for this and we are going to acquire 2 staffing companies.
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